You have hit one of my hot buttons.The information before me is almost correct in some cases. There are a few issues that need to be resolved before advise can be provided.
First I will guide you along the path of relaxation:
#1. Take a deep breadth, deeper, deeper, now hold it for 5 seconds, now exhale. Do it once again.
#2 DO NOT panic.
#4. Repeat #1, #2, #3 five times.
Nothing is happening quickly. Plan what you will do and then work your plan.
You need to know that there are Federal laws as well as State laws protecting you. The exact protection varies with the following:
Is your rental property a multi-unit complex?
Is the buyer at a foreclosure sale an investor or a person that wants to move into the property themselves?
Is the property sold or taken back by the bank as a REO (real estate owned)?
Do you have a current lease and was it started before or after the foreclose process started?
Did the existing "Owner" inform you that the property was in foreclosure (if it was) when you moved in?
Is your rent paid up to date?
Is it market rent?
Does your existing lease have less than 90 days to the end of the term?
Are you or any tenants using a government subsidized program (ie: Section 8) to assist with rent payments?
Are you and the existing tenants â€œbona fideâ€ tenants under the Helping Families Save Their Homes Act of 2009? You would be surprised how many people are not considered "bona fide" tenants under the Helping Families Save Their Homes Act of 2009.
In any case, there is lots of missing information concerning your situation and as a result, suggestions to you can not be complete with up to date consistent information with the latest laws for both Federal and state.
Contact me and I will provide detailed information as where you stand, what you may want to do, what laws protect you and the occupants.
Call today and right now, as you have a short time line to start making informed decisions. You need expert suggestions on what to do and WHAT NOT TO DO immediately.
Call me quickly. You need to know the laws better than the Bank and purchaser.
We can also chat the process if you would like to purchase the property at the sale.
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
Realty One Group
The Brodkin Group
Steven Goldman, CRS
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
I need to disclaim here. I am a Realtor and this is my experience not legal advice.
If I can ever help you buy a house, let me know.
The first thing I suggest you do is to Google the Federal Tenant Protection Act and read it. Basically it says that as long as you are a tenant in good standing, your lease must be honored unless the new owner is going to live in the property and even though you must be given a 90 day notice.
So thing number one is to pay your rent. If the auction date is at the end of the month or the beginning of the month, I'd suggest going to the auction before paying but after your grace period, you can be evicted so stay current but I'd put as little monies at risk as possible.
We had Golden Property Management and they were snakes and tried to evict us even though they didn't manage the property anymore.Their owner was foreclosed on! They went to court 3 weeks after the auction! That's a whole different story but NEVER rent from them! They did not give us back our $4000 security deposit. They even kept the key deposit and pet deposit. Snakes.
So when our house sold at auction, the bank/Fannie Mae bought it / kept it and about 5 days later we had a notice on the garage door saying that Fannie Mae now owned our house and to call. We called after the weekend and they had to wait for paperwork to be processed and asked if we wanted to live in the property still. We said yes. They offered to lower our rent $500 a month to make our lease for just one more year instead of two. They required no security deposit. A couple of weeks later someone came to the house with paperwork and we signed a new lease. We went a month without a payment - maybe knowing our deposit was gone but they also put a clause that they would give us a month's rent as a moving consolation at the end of our lease. A year later up went the rent $800. We moved! Now 1 year and 8 months later this same exact house is still vacant. That's our government at work!
So as you can see Fred, it's probably going to be fine and it may even be better. You just need to try to cover yourself financially and try to be patient.
I hope hearing our story gave you some hope that things are going to work out for you. Feel free to give me a call anytime and I wish you the best!
I recommend that you follow the advice of my colleague from Realty One
If I can be of further assistance and answer
Any of your other questions please contact me
Realty One Group
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
2. If you have a lease you can stay till it ends but if sold at foreclosure, you may get a call or knock on your door asking you to move and they should offer you money to do so.
If you have any problems, or more questions here is my phone number and email address.
Matthew - 702.501.0973 / LasVegasMatt@gmail.com